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2mo ago

Alex Rodriguez and Marc Lore Secure Arbitration Win in Timberwolves Ownership Dispute

The arbitration ruling grants the duo a 90-day extension to finalize their majority ownership bid, pending NBA approval.

May 6, 2024; Denver, Colorado, USA; Former MLB player and Minnesota Timberwolves minority owner Alex Rodriguez before game two of the second round for the 2024 NBA playoffs against the Denver Nuggets at Ball Arena. Mandatory Credit: Isaiah J. Downing-USA TODAY Sports/File Photo
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Minnesota Timberwolves and Lynx minority owners Marc Lore and Alex Rodriguez talk in the fourth quarter of the game against the Phoenix Suns at Target Center.

Overview

  • An arbitration panel ruled 2-1 in favor of Alex Rodriguez and Marc Lore, determining Glen Taylor breached the sale agreement for the Timberwolves and Lynx.
  • The ruling resets a 90-day window for Rodriguez and Lore to complete the next phase of the purchase, contingent on NBA Board of Governors' approval.
  • Rodriguez and Lore have secured $942 million in escrow to cover the remaining payments, addressing prior concerns over financing.
  • If the sale is finalized, the duo plans a complete buyout of Taylor's ownership stakes, ending his 30-year tenure with the teams.
  • The NBA may reevaluate approval of tiered sales structures after the protracted and contentious nature of this transaction.